IGI expected to grow in the medium term

Bermuda-based International General Insurance is expected to achieve further growth while maintaining underwriting discipline over the medium term, according to AM Best. 

The ratings agency made the prediction while affirming the financial strength rating of A with a stable outlook for IGI's operating subsidiaries.

AM Best said IGI, headed by CEO Waleed Jabsheh, has a five-year (2019-2023) weighted average return-on-equity ratio of 16% and a weighted combined ratio over the last five years of under 85%. 

"Over this period, results have been supported by releases of prior year reserves," AM Best said. "Prospectively, the group is expected to maintain its strong profitability, supported by its selective underwriting approach and good rate adequacy in its key segments.

"IGI maintains a well-diversified portfolio by line of business and geography. The group has been expanding its business volumes in recent periods, evidenced by strong growth over the last five years (2019-2023).

"AM Best expects IGI to achieve further growth over the medium term while maintaining its strong underwriting discipline."

AM Best said the ratings reflected IGI’s consolidated balance sheet strength, which AM Best assessed as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings of IGICL, IGIUK and IGI Europe reflect their strategic importance to IGI.

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